Bill Miller, chief investment officer of Legg Mason Capital Management, doesn't think the stock market's recent slip has staying power.

Stocks declined Thursday through Monday, but have bounced back since then. "I think after this correction, you can throw a dart at the market, and about anything you hit is going to go up the next six months," Miller told CNBC.

"The conditions for a bad market just don't exist."

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

He earned his reputation when the Legg Mason Capital Management Value Trust that he managed outperformed the S&P 500 index every year from 1991 through 2005.

The S&P 500 climbed 1.5 percent during the past two days after slipping 2.4 percent the prior three sessions. The Nasdaq Composite index, which has a heavy technology weighting, gained 2.6 percent in the past two days, following a 4.6 percent drop the previous three sessions.

Michael Holland, chairman of money manager Holland & Co., shares at least some of Miller's enthusiasm for stocks. "This is not a bear market," Holland told Bloomberg.

"The bull market still has some significant legs to it before this is over. We had valuations that were screamingly attractive five years ago. Fast forward to today, they are reasonably valued. These things normally don't end until we get overvalued and we're not there yet."

The S&P 500 traded at 17.7 times trailing 12-month earnings as of Friday, and 15.6 times estimated forward 12-month earnings, according to Birinyi Associates.

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

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